In digital banking, it has become necessary for the user to have a savings account for any financial transaction. Moreover, it becomes even more beneficial for users when they use UPI, Net Banking, Mobile Banking, etc.
A savings account is a financial product that a bank offers its customers, with several banking services. You can deposit, withdraw, transfer, pay bills, RD, FD, etc.
Furthermore, you can also get interest rates on saving money. But, here, the interest rates, minimum balance and facilities will all depend on the bank and may differ.
Therefore, in this article, we will share the list of best banks for savings accounts with their interest rates, minimum balance and all features.
List of all best banks for savings accounts
Below is the list of best banks for savings accounts, interest rates, minimum balance, and features compiled from various sources:
- State Bank Savings Account
- HDFC Bank Savings Account
- Indian Bank Savings Account
- ICICI Bank Savings Account
- Central Bank Of India Savings Account
- Axis Bank Savings Account
- Union Bank Savings Account
Bank-wise savings account interest rates
Each bank has its norms, and you have to follow them. For example, a savings account’s minimum balance, interest rates, and features vary from bank to bank. The details of all the popular banks are listed below.
| Savings Account | Rate of Interest (p.a.) | Minimum Balance (p.m.) | Features |
|---|---|---|---|
| State Bank | 2.75% | Urban area – Rs 3000/- Semi-Urban – Rs 2000/- Rural area – Rs 1000/- | Net Banking, Mobile Banking, SMS Alert, Deposit, Debit Card, etc. |
| HDFC Bank | 3.0% | Urban area – Rs 10,000/- Semi-Urban – Rs 5000/- Rural area – Rs 2500/- | Net Banking, Deposit, SMS Alert, Debit Card, etc. |
| Indian Bank | 3.50% | Urban area – Rs 1000/- Rural area – Rs 500/- | Mobile Banking, Net Banking, ATM Facility, SMS Alert, Debit Card, etc. |
| ICICI Bank | 3.0% | Metro area – Rs 10,000/- Semi-Urban – Rs 5000/- Rural area – Rs 2000/- | Net Banking, ATM Facility, Mobile Banking, SMS Alert, Debit Card, etc. |
| Central Bank Of India | 2.90% | Urban area – Rs 1000/- Rural area – Rs 500/- | Net Banking, Mobile Banking, SMS Alert, ATM Facility, Debit Card, etc. |
| Axis Bank | 3.75% | Urban area – Rs 2500/- Rural area – Rs 500/- | ATM Facility, Net Banking, Mobile Banking, SMS Alert, Debit Card, etc. |
| Union Bank | 3.0% | Urban area – Rs 1000/- Semi-Urban – Rs 500/- Rural area – Rs 100/- | Net Banking, ATM Facility, Mobile Banking, SMS Alert, Debit Card, etc. |
State Bank Savings Accounts
SBI offers various savings accounts to the customer, such as Basic Savings Accounts, Basic Small Savings Accounts, Savings Accounts for Minors, etc. But one of the best savings accounts is the ‘Savings Bank Account‘, which offers more features. Below is a list of all the savings accounts that SBI offers to the customer.
- Basic Savings Bank Deposit Account
- Basic Savings Bank Deposit Small Account
- Savings Bank Account
- Savings Account for Minors
- Savings Plus Account
- Insta Plus Video KYC Savings Account
- Motor Accidents Claim Account (MACT)
- Resident Foreign Currency (Domestic) Account
Any individual can open a Basic Savings Bank Deposit Account and Basic Savings Bank Deposit Small Account with valid KYC documents. Mainly to encourage the poor sections of society to start saving without any charges. Check here for more details on other savings bank accounts in SBI.
But, the savings bank account is offered to all sections of society with minimal charges and offers various banking facilities. The current interest rate, minimum balance and all features are below.
| Type of Account | SBI Savings Bank Account |
| Rate of Interest | 2.75% p.a. |
| Features Offered | Mobile banking, Net banking, SMS alerts, SBI Quick Missed Call facility, YONO, State Bank Anywhere, Nomination facility, Free 10 Cheque leaves, Transfer of Accounts through Internet Banking, Bank Passbook, etc. |
| Minimum Balance Required | i) Urban branches Rs 3000/- p.m. ii) Semi-Urban branches Rs 2000/- iii) Rural branches Rs 1000/- |
HDFC Bank Savings Account
HDFC Bank has various savings accounts according to the customers’ needs. For example, you can choose a DigiSave Yuva Account, Mahila Savings Account, or Senior Citizen Account and avail of all the savings bank account facilities. But a Regular Savings Account is designed to meet your day-to-day banking needs.
| Account Type | HDFC Regular Savings Account |
| Interest Rate | 3.00% p.a. (below 50 lahks) |
| Features | Net Banking, Mobile Banking, ATM facility, Debit card, payment of bills, SMS alert, etc. |
| Minimum Monthly Balance | i) Metro / Urban Branches Rs 10,000/- ii) Semi-Urban Branches Rs 5000/- iii) Rural Branches Rs 2500/- |
Indian Bank Savings Account
Indian Bank Savings Accounts usually come with certain advantages and also have additional features that make them more suitable for specific purposes. Here is a list of Indian Bank Savings Account features to help you understand.
- Interest rate: 3.50% p.a.
- Minimum Balance: A minimum of 500/- to 1000/- monthly is required to maintain the account.
- Features: Personalized chequebook, Rupay ATM cards, SMS service, Nomination facility, Net banking, Mobile banking, etc.
ICICI Bank Savings Account
ICICI Bank offers a wide range of savings accounts to suit your personal banking needs. But, the regular Savings Account is one of them, which offers many benefits.
| Type of Account | ICICI Regular Savings Account |
| Rate of Interest | 3% p.a. |
| Minimum Balance Requirement (monthly) | i) Metro: Rs 10,000/- ii) Semi-Metro: Rs 5000/- iii) Rural: Rs 2000/- iv) Gramin location: Rs 1000/- |
| Features | Internet Banking, Mobile Banking, SMS Service, Debit Card, ATM Facility, Passbook, Chequebook etc. |
Central Bank of India Savings Account
Central Bank of India is the oldest commercial bank and has more than 4690 branches across India. This bank offers various types of savings bank accounts according to the customers’ needs. But, here, we will talk about the Central Bank of India’s regular savings account only.
| Type of Account | CBI Regular Savings Account |
| Rate of Interest | 2.90% p.a. |
| Minimum Balance Requirement (monthly) | i) Metro area: Rs 1000/- ii) Rural area: Rs 500/- |
| Features | Mobile Banking, Net Banking, SMS Alerts, Deposit, Withdrawal, Debit Card, ATM facility, etc. |
Axis Bank Savings Account
Axis Bank offers its customers various savings accounts with various banking benefits. All the savings accounts of this bank are designed to meet the banking needs of the people, and it provides all the facilities. You can check the brief description of various Axis Bank Savings Accounts below.
- Easy Access Digital Savings Account
- Prime Digital Savings Account
- Liberty Digital Savings Account
- Priority Digital Savings Account
- Prestige Digital Savings Account
- Burgundy Digital Savings Account
- Easy Access Savings Account
- Government Scholarship Savings Account
- Future Stars Savings Account
- Pension Savings Account
- Basic Savings Account
- Small Basic Savings Account
Axis Bank Interest Rate:
| Rate of Interest | 3.75% p.a. |
| Minimum Balance Requirement | Metro – Rs 2500/- Rural – Rs 1000/- |
| Features | Rupay debit Card, Mobile Banking, Net Banking, SMS Alert, etc. |
Union Bank Savings Account
Any resident individual can open online and offline a Union Savings Bank account in his own name. The minimum balance required to operate the account is Rs.2500/- for urban branches and Rs.1000/- for rural branches. Union Bank also provides all the banking facilities for the customer as all other banks provide.
Minimum Balance in Savings Accounts
When you open a savings bank account in any bank, you must maintain a minimum average monthly balance. If you fail to keep this monthly balance, the bank levies a penalty. So, before opening an account, make sure you check the bank’s minimum balance requirements and always keep this balance to avoid penalties.
Best Savings Account
All Indian banks provide almost similar facilities to their customers like Net Banking, Mobile Banking, SMS Alerts, Debit Card, ATM facilities, etc. You need to see which banks are close to you, don’t look at which bank is the best for you. But, if you are a net banking or mobile banking user, then State Bank will be your best option.
This bank provides many online banking services and works efficiently. It is one of the best bank and you will find many great mobile applications. The minimum monthly balance is also very reasonable and you can maintain your account without paying any extra charges.
On the other hand, if you do not have any problem maintaining the minimum balance and you want fast banking services, then HDFC would be the best option for you,
FAQs
A: It will depend on the customers, however, SBI Savings Account will be the best for the common user. It has many branches all over India, you can easily solve banking problems by visiting the branch.
A: Yes, you can open a zero-balance basic savings account in SBI.
A: Rs.10,000/- for urban branches and Rs.2,000/- for rural branches.
A: Axis bank offers the most different types of savings accounts.
